Credit Writedowns » Financial Institutions

William K. Black explains control fraud at length

Edward Harrison — Wed, 08 Feb 2012 13:30:00 +0000

This is a good and in-depth interview with Bill Black conducted by George Mason economics professor Russ Roberts. I highly recommend your listening to it

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Use of lower-rated debt in repos has returned to pre-crisis levels

Guest Author — Tue, 07 Feb 2012 14:51:57 +0000

Looks like there’s a storm brewing in the U.S. repo markets. It figures: profit-center banks have every motivation to stay one step ahead of the regs and the pols. Since the gamekeepers have now gotten around to looking at proprietary trading and bringing derivatives onto exchanges, you can almost bet your first-born that the next crisis will be in neither one of these areas but someplace else entirely different

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With heavy Greek exposure, three largest banks in Cyprus now junk

Edward Harrison — Thu, 02 Feb 2012 21:00:11 +0000

Cyprus is not an important player on the world's financial stage but it does bear noting that banking and sovereign debt problems run both wide and deep in the European Union. The latest news underscoring these difficulties comes via Fitch, which has just downgraded the largest banks in Cyprus to below investment-grade status

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John Reed on Big Banks and Corporatism

Edward Harrison — Thu, 02 Feb 2012 04:00:28 +0000

Bill Moyers talks to former Citicorp and Citigroup head John Reed about what's wrong in the banking sector. John Reed readily acknowledges his role in bringing down the Glass-Steagall Act (Hat tip finance Addict)

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Get Out of Jail Free, European Edition

Edward Harrison — Wed, 01 Feb 2012 19:44:31 +0000

I was thinking about that last post I wrote on the euro zone and regulatory forbearance. They say a picture is worth a thousand words. So here's a picture that captures my thinking pretty well

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The European Sovereign Debt Crisis, the US Savings and Loan Crisis and Regulatory Forbearance

Edward Harrison — Wed, 01 Feb 2012 13:48:21 +0000

This is me thinking out loud about how regulatory forbearance in the S&L crisis mirrors today's policy path

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The Fetish for Liquidity (and Reform of the Financial System)

Randall Wray — Tue, 31 Jan 2012 19:00:03 +0000

So here’s the deal. What happened is that the financial sector taken as a whole moved into extremely short-term finance of positions in assets. This is a huge topic and is related to the transformation of investment banking partnerships that had a long-term interest in the well-being of their clients to publicly-held, pump-and-dump enterprises whose only interest was the well-being of top management. It also is related to the rise of shadow banks that appeared to offer deposit-like liabilities but without the protection of FDIC. And it is related to the Greenspan “put” and the Bernanke “great moderation” that appeared to guarantee that all financial practices—no matter how crazily risky—would be backstopped by Uncle Sam. And it is related to very low overnight interest rate targets by the Fed (through to 2004) that made short-term finance extremely cheap relative to longer-term finance. All of this encouraged financial institutions to rely on insanely short short-term finance

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On Canadian and Australian bank risk

Marc Chandler — Mon, 30 Jan 2012 20:00:00 +0000

Banking sectors in both countries are highly concentrated. The top four banks in Australia account for about three quarters of the banking assets. The top six Canadian banks account for upwards of 90% of the Canadian banking assets. According to Fitch, the concentration and high profits of the banking sector is favorable to each as it provides a cushion against losses and need to pursue higher risk activity/lending. Both Canada and Australia are experiencing over-valued housing markets. The IMF estimates Canadian house prices are about 10% risk while Australia is 10-15% over-valued

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Banking Wasn’t Meant to Be Like This

Michael Hudson — Mon, 30 Jan 2012 02:00:36 +0000

the banks now browbeat governments – not by having ready cash but by threatening to go bust and drag the economy down with them if they are not given control of public tax policy, spending and planning. The process has gone furthest in the United States. Joseph Stiglitz characterizes the Obama administration’s vast transfer of money and pubic debt to the banks as a “privatizing of gains and the socializing of losses. It is a ‘partnership’ in which one partner robs the other.” Prof. Bill Black describes banks as becoming criminogenic and innovating “control fraud.” High finance has corrupted regulatory agencies, falsified account-keeping by “mark to model” trickery, and financed the campaigns of its supporters to disable public oversight. The effect is to leave banks in control of how the economy’s allocates its credit and resources

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Sucking up to power, Timothy Geithner edition

Edward Harrison — Fri, 20 Jan 2012 03:36:11 +0000

You have probably heard a lot of noise about what was said about the housing bubble at Federal Reserve meetings in 2006. There is a quote from Timothy Geithner, then the NY Fed chief, that I think is quite revealing

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Has banks’ bonus culture really changed?

Guest Author — Thu, 19 Jan 2012 18:00:51 +0000

We’re more than 3 years out from a crisis caused in part by these very same decision-making processes on compensation. So why is it that we don’t fully understand them yet

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More on the self-regulatory banking saga, SEC version

Guest Author — Fri, 13 Jan 2012 20:00:00 +0000

Is there any government body having a harder time of it these days than the SEC? Sometimes it feels like someone pinned a giant “Kick me” sign to its collective back. I’ve written previously about a key factor that I think is partly responsible for its general toothlessness. But this simply can’t be the excuse for all of its failings

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Chart of the Day: Bank credit card fees induce big antitrust lawsuit

Edward Harrison — Fri, 13 Jan 2012 01:30:30 +0000

So why are these big name retailers suing the big banks. It's this chart that appears to be the smoking gun. Credit card interchange fees are the highest by a large margin. Clearly those charges that go into the bank and credit card companies' coffers are either absorbed by retailers or passed on to consumers

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Why bank deposits are piling up at the ECB

Guest Author — Thu, 12 Jan 2012 15:24:08 +0000

Central Banks, whenever they buy any asset create new reserves. Commercial banks and people do NOT have the capacity to destroy those reserves. Once the Fed or ECB wires the money or creates that asset line item on its spreadsheet, there is an equal and offsetting liability on its spreadsheet called reserves. This spreadsheet cannot be broken

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The continuing saga of bank self-regulation and other fairy tales featuring Alan Greenspan

William Black — Thu, 12 Jan 2012 13:15:46 +0000

We continue to witness remarkable developments in the intersection of the related fields of economics, finance, ethics, law, and regulation. Each of these five fields ignores a sixth related field – white-collar criminology. The six fields share a renewed interest in trust

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Real Financial Regulators Love Prosecutions of Fraudulent Bank CEOs

William Black — Wed, 11 Jan 2012 14:00:57 +0000

Senior former regulators are willing to be quoted by name asserting that Obama’s (not Bush’s) financial regulatory leaders are blocking lawsuits against fraudulent financial elites and their anti-regulatory co-conspirators because they fear embarrassment

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Geithner’s Ploy: Saving U.S. Banks at Taxpayer Expense, Once Again

Michael Hudson — Wed, 11 Jan 2012 13:30:00 +0000

Mr. Obama’s Secretary Geithner went to Europe met with EU leaders to demand that Greece make the write-downs voluntary on the part of banks and creditors. He explained that U.S. banks had bet that Greece would not default – and their net worth position was so shaky that if they had to pay on their bad gambles, they would go broke

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Guess what truth and “truthiness” in the TARP bailout reveal?

Guest Author — Tue, 10 Jan 2012 16:50:17 +0000

Every 60 days the Government Accountability Office issues a report on the various TARP programs. Each report looks at how the Office of Financial Stability, the body currently overseeing all TARP programs, is performing on a given metric. The latest report looks at the estimated lifetime costs to U.S. taxpayers of the programs still in operation, and also at how the Treasury communicates these costs to the public. As for this latter question the short answer is: very selectively, indeed

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A real mission impossible

Guest Author — Wed, 04 Jan 2012 21:00:08 +0000

When I worked in banking not so long ago, it was actually cool to be “old school”. It was just another way of saying that one would try to balance the bank’s interests with that of the corporate client’s. To make neither too little money off of them, nor too much. And to never, ever, ever give them the impression that the high fees they were paying would be used to pay for something like your next Ferrari

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Cohan on Corporate Psychopaths and the Financial Crisis

Edward Harrison — Tue, 03 Jan 2012 14:22:35 +0000

William Cohan told Bloomberg Television's Erik Schatzker and Stephanie Ruhle that he believes 'psychopaths" at the helm of major financial institutions were responsible for the credit crisis

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Chart of the Day: China’s Financial Architecture

Global Macro Monitor — Tue, 20 Dec 2011 22:00:49 +0000

Now the bubble is visibly bursting. How much damage will it do to the Chinese economy — and the world? That is our homework assignment over the holiday. Getting it right will determine 2012′s investment and trading returns, in our opinion. We leave you with an excellent flowchart and table from the IMF explaining China’s financial architecture

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ECB’s Long-Term Repo Operation

Marc Chandler — Tue, 20 Dec 2011 19:30:21 +0000

Following the 1-year repo in June 09, there had been market talk of the money going into the short-term Italian and Spanish bonds. Yet we don't expect as much of new carry trades some officials might wish. The lion's share of the funds LTRO taken we suspect will go to 1) replace current ECB funding, 2) build greater cash buffer and 3) reduce some liabilities

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Chart of the Day: European Bank Recapitalization

Global Macro Monitor — Mon, 19 Dec 2011 04:34:04 +0000

A chart with a country by country breakdown of the over 100 billion euros of additional capital needed by euro zone banks

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U.S. Exposure to Europe – Unknowns Unknowns

Frederick Sheehan — Fri, 16 Dec 2011 02:12:51 +0000

As Eurocrats dissemble, ratios that quantify U.S. financial system exposure to European insolvency are dated, even as they are published

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Full text: Moody’s reviews five Spanish covered bond programmes for downgrade

Edward Harrison — Tue, 13 Dec 2011 20:00:04 +0000

The following is the press release Moody's issued in putting the covered bonds of five Spanish banks on review for credit ratings downgrades

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Bernanke’s 29 Trillion Dollar Fog of Deceit

Randall Wray — Tue, 13 Dec 2011 19:00:33 +0000

Congress should immediately call Chairman Bernanke in for testimony on the veracity of the Fed’s response to the Bloomberg report. It should demand a comprehensive accounting for all the Fed’s commitments, by institution that benefitted. Bernanke should explain what the Fed did, when it did it, why it did it, and in whose interests it has been operating since the GFC began. No more obfuscation. No more secrecy. No more fog of deceit

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Bank run in Latvia

Edward Harrison — Mon, 12 Dec 2011 18:40:30 +0000

Rumors of an impending bank failure in Latvia over the weekend led to a run on bank machines. In many places it was impossible to get money

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The four most surprising things about the European bank stress tests

Guest Author — Fri, 09 Dec 2011 14:43:26 +0000

On Thursday the European Banking Authority released the results of the latest European stress tests showing a total capital need of €114.7 billion across 71 banks. While German banks might argue that they got the worst of the surprises, there are plenty more in store for everyone

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In Honor of Jon Corzine

Edward Harrison — Fri, 09 Dec 2011 13:30:06 +0000

Here's what I'm listening to right now. Prince rocks the house in the video below. Eat your heart out, Jon Corzine

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William K. Black on MF Global

Edward Harrison — Fri, 09 Dec 2011 04:35:44 +0000

Bill Black was on Capital Account talking to Lauren Lyster about MF Global. As usual, Capital Account delves deep into the real issues. Black never disappoints. Video below

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Time to Demand Transparency and Accountability of Our Public Stewards

Randall Wray — Thu, 01 Dec 2011 01:26:12 +0000

When will we begin to reign-in the Fed and hold it accountable? And will we let the Fed bail-out Wall Street without Congressional approval of funding the next time it crashes? We need to answer these questions soon, because it is beginning to look like the next crash is on its way

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The SEC’s Day in Court

Frederick Sheehan — Wed, 30 Nov 2011 23:51:26 +0000

Judge Jed S. Rakoff of the United States District Courts of the Southern District of New York struck a blow against the Securities and Exchange Commission and in support of the "public interest." The Securities and Exchange Commission had asked the Court to approve a Consent Judgment between Citigroup and the S.E.C. Judge Rakoff (cutting to the chase) wrote he could not do so

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Full text: Moody’s reviews European banks’ subordinated, junior and Tier 3 debt for downgrade

Edward Harrison — Tue, 29 Nov 2011 11:05:08 +0000

"While the need to preserve confidence may imply some continuing (though potentially declining) support for senior debt -- given the potential for contagion across the banking system -- the rationale for continuing to assume the willingness and ability to provide support for subordinated debt holders is much weaker."

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Ted Forstmann

Frederick Sheehan — Wed, 23 Nov 2011 21:00:10 +0000

Ted Forstmann was a sterling example in a tarnished field

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FDIC-Insured Institutions Earned $35.3 Billion in The Third Quarter of 2011

Guest Author — Tue, 22 Nov 2011 22:16:11 +0000

Commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation (FDIC) reported an aggregate profit of $35.3 billion in the third quarter of 2011, an $11.5 billion improvement from the $23.8 billion in net income the industry reported in the third quarter of 2010. This is the ninth consecutive quarter that earnings registered a year-over-year increase

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FDIC-Insured Institutions Earned $35.3 Billion in The Third Quarter of 2011 originally appeared on Credit Writedowns

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